(Reuters) – Forvia, the automotive supplier born from the acquisition by Faurecia of its German competitor Hella, announced on Monday that it is aiming for an improvement in its financial results in 2023.
The group anticipates this year a turnover of between 25.2 and 26.2 billion euros and an operating margin of between 5% and 6% of turnover, based on annual worldwide automotive production. of 82 million vehicles.
“With our assumption of stable global automotive production volumes compared to 2022, we aim to improve our financial performance in 2023,” Faurecia Chief Executive Officer Patrick Koller said in a statement.
For 2022, Forvia reported revenue of €25.46 billion, up 17% at constant scope and exchange rates, as well as an operating margin of 4.4%, in line with its goals.
The group said in October that it expected turnover for 2022 of between 24.5 and 25.5 billion euros and an operating margin of between 4 and 5% of sales.
Regarding the integration of Hella, finalized in early 2022, Forvia now says it is aiming for synergies and cost optimization at more than 300 million euros in EBITDA 2025, against more than 250 million euros previously.
Faurecia also announced on Sunday the sale of its “SAS” Cockpit Modules division to the Motherson group, for an enterprise value of 540 million euros, as part of a broader objective of selling its non-strategic assets for a total value of one billion euros.
(Written by Kate Entringer)
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